NEW YORK--(BUSINESS WIRE)--Today, Arcus and Happy Money, two leading financial technology companies working to create better financial health for people around the world, have partnered to launch a direct credit card payoff product. The new product, which will operate within Happy Money’s Payoff Loan service, enables people to get out of credit card debt more easily by giving consumers the ability to directly pay off multiple credit cards with a single loan.
Last year, credit card debt in the United States surpassed $1 trillion, reaching an all-time high according to the Federal Reserve. However, wage increases remained mostly flat. With consumers struggling to pay off their debt, this partnership between Happy Money and Arcus brings people a modern personal finance solution that empowers them to easily pay off their credit cards, and get out of debt.
“We’re on a mission to create stronger financial health for people around the world, and by partnering with Happy Money to launch an innovative programmatic credit card payoff product, we’ve built a modern way for people to pay off their debt in a more seamless way,” said Arcus CEO and Co-Founder, Edrizio De La Cruz.
Happy Money’s Payoff Loan currently gives people the power to reduce multiple high-interest payments into one low-rate monthly payment. Happy Money is integrating the Arcus xPay API into its Payoff Loan enabling direct disbursement of loan proceeds to a member’s credit facilities. This will serve to both mitigate risk associated with the loan and streamline the process for Happy Money Members to pay off multiple credit cards with their Payoff Loan.
“Credit card interest, next to bank fees, is one of the saddest spends consumers make. We believe in helping people live happier lives and for many that starts with paying off credit cards. Our partnership with Arcus makes it easier for our Members to pay off their credit cards, and we love that,” said Scott Saunders, CEO and Founder of Happy Money.
Arcus makes financial institutions the hub of their customers’ entire financial lives. The company was co-founded by Wharton MBA Edrizio De La Cruz and launched in Y Combinator. Arcus connects financial institutions with merchants via a two-way protocol, which pulls data (e.g., payments history) and pushes data (e.g., payments) to recurring merchants. Arcus offers two solutions for financial institutions – Financial Hub and the Virtual Card. Over 40 financial institutions use arcus to help their consumers put their financial life on autopilot, eliminating late fees and financial stress. For more information, please visit http://www.arcusfi.com.
About Happy Money
Happy Money is the only financial company that combines psychology and money to help people live happier lives. Happy Money believes in long-term relationships with people, meeting them at every stage of their financial life, and maximizing their happiness along the way. Happy Money is composed of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, designers, and technology experts, all working together to provide three primary experiences: Joy, Payoff and the Happy Money Score. www.happymoney.com